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Mortgage Rates Surge Thanks to Bidenomics

Yesterday was an abysmal day for the economy and for stocks (notwithstanding Biden’s remarkable Rose Garden victory celebration on the economy while the market was tanking).  One overlooked development was the further rise in the 30-year mortgage rates.  They’ve climbed above 6% in most markets up from about 2.7% when that near-fascist Donald Trump was in the White House. This has raised interest payments on a 30 year mortgage for a $500,000 house by about $200,000 over the life of the loan. That doesn’t help home sellers or buyers.

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